NCLT Mumbai approved Sapphire Media s plan for Big 92.7 FM, paying Rs. 261 crore to creditors. The resolution process began in February 2023 under the Insolvency and Bankruptcy Code, with a creditors committee approving the plan on November 11, 2023.
Evolving with changing scenarios will be crucial for IBC: Minister : Rashtra News #Evolving #changing #scenarios #crucial #IBC #Minister Evolving with changing scenarios will be crucial for Insolvency and Bankruptcy Code (IBC) as it could become the most potent instrument in driving proactive responsible behaviour among lenders and prove to be a boon for the
The Finance Ministry is reviewing the Bombay High Court order banning public sector banks from seeking look-out circulars (LOCs) against wilful defaulters. The court deemed the order arbitrary and violative of a person s fundamental rights. The finance ministry is aware of the judgement and will assess it. The court held that an office memorandum empowering public sector banks to seek LOCs against default borrowers or their guaranteeees was unconstitutional.
In a significant development, the Supreme Court on Thursday (April 25) held that debt would be treated as an operational debt only if the claim subject matter of the debt has some connection or.
It has implications for Reliance ADA Group chairman Anil Ambani, Videocon chairman Venugopal Dhoot, and Bhushan Power and Steel promoter Sanjay Singal, who also face personal-insolvency proceedings in the NCLT.